Cornercap Investment Counsel Inc. Has $494,000 Stock Position in Gentex Co. (NASDAQ:GNTX)

Cornercap Investment Counsel Inc. trimmed its holdings in Gentex Co. (NASDAQ:GNTX - Free Report) by 52.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,623 shares of the auto parts company's stock after selling 18,532 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Gentex were worth $494,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of GNTX. Quest Partners LLC acquired a new stake in Gentex in the 2nd quarter worth $31,000. Gladius Capital Management LP acquired a new stake in Gentex during the second quarter worth about $34,000. EverSource Wealth Advisors LLC grew its position in Gentex by 173.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the auto parts company's stock worth $42,000 after buying an additional 850 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in Gentex by 227.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,826 shares of the auto parts company's stock valued at $54,000 after acquiring an additional 1,269 shares during the period. Finally, HHM Wealth Advisors LLC acquired a new position in Gentex in the 2nd quarter valued at approximately $67,000. Institutional investors and hedge funds own 86.76% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GNTX shares. The Goldman Sachs Group lowered their price target on shares of Gentex from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Tuesday, October 1st. UBS Group started coverage on shares of Gentex in a research note on Wednesday, September 4th. They issued a "neutral" rating and a $34.00 target price on the stock. Bank of America cut their price target on shares of Gentex from $39.00 to $35.00 and set a "neutral" rating for the company in a research note on Monday, October 14th. BNP Paribas lowered Gentex from an "outperform" rating to a "neutral" rating and set a $34.00 price objective on the stock. in a research note on Tuesday, July 30th. Finally, Robert W. Baird increased their target price on Gentex from $35.00 to $37.00 and gave the stock an "outperform" rating in a report on Monday, October 28th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $36.00.

Gentex Trading Down 0.8 %

NASDAQ GNTX traded down $0.23 during trading hours on Friday, reaching $30.15. 1,256,520 shares of the company's stock were exchanged, compared to its average volume of 1,621,904. Gentex Co. has a one year low of $28.30 and a one year high of $37.58. The stock has a market cap of $6.86 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The firm has a fifty day moving average of $29.87 and a 200-day moving average of $31.79.

Gentex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Wednesday, October 9th. Gentex's payout ratio is presently 25.67%.

Insider Transactions at Gentex

In other news, major shareholder Corp Gentex acquired 3,152,500 shares of the company's stock in a transaction on Friday, August 23rd. The stock was purchased at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the acquisition, the insider now owns 6,463,808 shares of the company's stock, valued at $32,319,040. This trade represents a 95.20 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by company insiders.

About Gentex

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.